Poland Revives Crypto Regulation Push After Presidential Veto
Poland’s government is preparing to resubmit legislation regulating the cryptocurrency market, following a recent setback when President Karol Nawrocki vetoed an initial attempt. The move comes after the Sejm, Poland’s lower house of parliament, failed to override the presidential veto last week.
Prime Minister Donald Tusk, speaking ahead of a government meeting, announced the plan to revise and resubmit the bill. He expressed frustration, stating that discussions with Minister Bogucki indicated the president “did not know earlier” about the specifics of the proposed legislation. “It’s a pity he didn’t know, because if he did… Please do not disturb us any longer and please allow the adoption of this bill,” Tusk said, according to reports.
The proposed regulations are intended to align Poland with the European Union’s MiCA regulation (Markets in Crypto-Assets Regulation), a framework designed to standardize rules for the crypto market across the EU. While acknowledging that cryptocurrencies are inherently not “100% safe,” Tusk emphasized the bill’s goal of bolstering protection for small investors and safeguarding national interests.
A key concern driving the legislation is the potential for hostile actors to exploit cryptoassets. The Prime Minister highlighted that an official registry of crypto activities maintained in Katowice lists over 100 companies linked to Russia, Belarus, and former Soviet Union nations. “This is a wake-up call. Elementary control is necessary,” he asserted.
The government intends to ensure the president has access to all necessary information, including classified intelligence, before considering the revised regulations. The aim is to achieve a final outcome that enhances trading security and mitigates the risk of sabotage.
The original bill granted the government the authority to block websites associated with cryptocurrency companies. However, President Nawrocki’s office raised concerns that the proposed supervisory fees and complex regulations could disproportionately favor foreign corporations over smaller Polish businesses.
Following the veto, the Sejm attempted to override the president’s decision, but fell short of the required three-fifths majority, with both the PiS and Konfederacja parliamentary clubs supporting the presidential move. Tusk responded by pledging to re-engage with both the president and opposition parties to secure support for the revised legislation, though he did not detail specific changes to the new draft.
